Best UX Design Practices to Improve Your Fintech App Conversions

Ever since financial activities have started being ported to the digital world, traditional methods are struggling to keep up.

As all banking functionalities are available on fintech apps, the need to visit a physical branch has decreased significantly.

People are able to do all kinds of activities, from creating a bank account to crediting and debiting money, on their fintech mobile apps.

Considering the amount of time people spend on fintech mobile apps, it is nothing but mandatory to provide them with the best of the best UI and UX design.

Consider your app’s UX design similar to a physical office. If your office stinks, people will not visit it.

Having a smooth, seamless, and satisfying UX is the key to increasing lead generation, retention, and conversions.

Competition is rising in fintech mobile apps as people have multiple options for money transfers, payments, banking, and trading.

It is a must to stand out from the competition and provide better services to win people’s trust and make them loyal customers.

If not, people will not think twice about deleting your app and moving on to another one.

Improving your UX design starts with an analysis of your competitor apps and figuring out opportunities to do something better.
This can take a lot of time for startups that have a plethora of other things to look after.
Understanding this, we at WDI, a team of highly skilled Mobile App Developers, have done all the hard work for you.

We have created a list of 11 tips or practices that you should follow to create a satisfying UX design on your fintech mobile app.

Every tip has a detailed description that will tell you exactly what you need to implement in your app to give the best possible experience to your users.

We assure you that if you follow these tips, you will see a rise in leads and conversions.

Login is the gate to your office. If there are too many locks, people will get frustrated and give up.

But, just like people will not trust a bank without any lockers, they will not trust your app with their money if it does not have a secure login.

The first thing is to provide a secure account creation option with multiple ways to sign-up. Here are certain apps through which you can allow users to sign-up:

• Google
• Facebook
• Twitter

Allow for password creation that requires numbers and special characters.
People will struggle to trust a fintech mobile app that asks for a simple password.

Ask for KYC documents to ensure that you are not getting loaded by bots. It will also build trust in your users that your app is legit.

Yes, this part would be lengthy, but it is necessary as people are trusting you with their money and bank details.

But, this should not require overloading the screen with multiple options. People will be confused, leading to paralysis by overanalysis.

Instead of putting everything on a single screen, break down the sign-up process into multiple screens.

This will avoid clutter and keep everything organized.
Once the sign-up is successful, there is no need to ask for the same details again for login.

Some fintech mobile apps ask for your account number and Mpin for every login. This can get very annoying if the user has to go through a 2-minute process for a 10-second task of checking their bank balance.

People will either decrease the usage of your app or delete it entirely. Understand that they have a lot of alternatives.

Removing the login process entirely is not advisable either, as anyone who has access to the phone can also access the app.

Biometrics such as Touch ID or Face ID are the best ways for logging in from smartphones, but you also have to consider that certain banks do not accept such methods.

If biometric login is possible in your scenario, then there is nothing like it.
If not, then you can come up with something customized according to your app’s requirements.

Maybe you can restrict the login option only when the user needs to do any money-related activity or check bank details.

This will allow users to easily check some minor details without having to enter login details over and over again.

Understand what your app is about and create a customized login that is simple without compromising on security.

Once your client enters the office through the gate, it becomes your duty to have a guide or map at the doorway to guide him.

If your client wants to do any task urgently but was unable to do so due to being lost navigating your office, then rest assured that he is no longer your client.

Similarly, with your app, if users compare it to a maze, then it is a big no-no.
Do not expect your users to be tech-savvy. People from all demographics use fintech mobile apps, and not all of them will be able to understand everything in your app.

Do in-depth research on your users’ journeys, what your app provides, and how they should reach it as easily as possible.

Fintech apps are expected to be overloaded with numbers, and your goal should be to make them as organized as possible so that your users do not get bewildered looking at them.

Here is a list of elements that are essential for an organized UX design.

The biggest reason why people are going to open any fintech app, multiple times throughout the day, is to check their balance.
Make it your duty to show them their balance on the first screen, along with any other details they may require.

Some users will have multiple accounts, and you must show the balance for all of them on the first screen. Also, provide the option to add up all of the balances.

The menu is like a roadmap that can easily teleport you anywhere by just selecting the location.
Seeing the menu on every screen assures the user that they are not lost as the menu is there for them.

Even with the best navigation in your app, it is all for nothing without a search bar.
A search bar is the glue that binds everything together. Without it, the cookie crumbles regardless of how tasty it is.
Along with this, ensure that all of the elements are named correctly for the function they serve, especially the buttons in the menu.

Transferring money is the basic function of a fintech mobile app, and not being able to do so will compel users to leave the app.
Many apps now offer instant payments with just a scan of a barcode.

If your app has a complicated payment process, users will use it less frequently or not use it at all.
The UI design should be such that it shows the user exactly what is required for payment.

It can be compelling to show the array of options you provide to the user while making a payment. But, this will only confuse the user.
While making a payment, the user only wants two things: the amount and the beneficiary.

Show these options first to the user and reveal other options later as required.
Options like domestic or international payments can be easily removed.

Once the user enters the account number, the location of the beneficiary can easily be found without requiring the user to enter it manually.

Once the payment is done, show a confirmation to the users that their payment was successful.

If the payment is unsuccessful, give the exact reasons for it to the user.
Provide a proper receipt to the user. This will assure the user that payment of the right amount has been made to the right person.

If the user has made a mistake, do not keep him hanging. Educate him about what went wrong and what can be done to correct it.

If everything went smoothly, provide options to make more payments or return to the home screen.

If the user wants to make the payment again after constant intervals, do not ask for the same details again.

Provide the feature to make recurring payments as it would be boring to re-enter the same details while paying electricity or wifi bills.

If the users want to re-enter the details, make it easy with the auto-fill feature.
If you nail simple and secure payments for your users, then they are more likely to use your fintech mobile app for future payments.

The dashboard is like the user’s home in your city.
Provide the users with a comfortable house with all the necessities within arm’s reach, and they are here to stay.

You must consider that people’s lives are already complicated with work and family, they do not need further complications.

The dashboard should be organized with all updates and notifications in order of importance.

If there is an important payment coming up or there has been a recent transaction, it should be visible upfront on the dashboard.

The user will blame the app for notifying them, even if it was he who forgot to pay the bill.

As people are trusting you with their money, you have to do everything possible to ensure that it is in safe hands.

There is no scarcity of financial fraud and account hacks in this world, and the situation does not seem to be getting better anytime soon.

Create an extensive support system that has the ability to resolve the smallest of the problems your users will face.

Providing a simple email or phone number is not going to be enough as it can easily be overloaded with requests.

Not only will the users dump your app, but they will also end up taking some legal action in extreme cases.

Implement a variety of support options in your fintech mobile app. Here is a list of some that are a must-have.

Providing a list of FAQs can resolve half of the queries then and there. The user can search for his problem in the FAQs and find the necessary solution.

Keep updating the list based on the newer queries you receive. The more extensive the list is, the fewer problems you have to deal with personally.

A truly live chat provision is quite difficult as it will require a lot of manpower. But, creating a bot that can solve basic queries is quite doable. Insert a list of automated responses into the bot.

In case the bot is unable to solve certain queries, it should be able to redirect the conversation to a real person.

Recruit a team of legal and technical experts who will be able to solve those queries.
The bot will be able to filter out many simple queries, leaving your team with a lot less to deal with.

In case there are too many queries, show the user his position in the query list and the approximate waiting time so the user can check his phone accordingly.

Although these can be overloaded, you must provide your users with as many ways to contact them as possible.
Modern technologies allow automated responses and complaint number generation, which can simplify the task.

Expect that your users may message your brand on social media or tag you in posts. 

Recruit a reliable social media team that can handle complaints, criticism, and hate posts professionally without inflating the problem.

An extensive support system will increase users’ trust and loyalty to your app, leading to more conversions.

Just take a moment to estimate how many numbers people have to memorize, like birthdays, phone numbers, account numbers, IFSC codes, and CVVs.
You can relieve some stress from their lives by not asking for credit card details all the time. It is no easy task to remember the 16-digit credit card number.
Plus the CVV and expiration date.

It can be inconvenient to take out the card from the pocket every time while making a payment
So, give the option to remember card details if the user allows it. The user can then access the card number easily through the phone without having to look for the physical card.

Allow copying the card number directly through the app so that the user can simply paste it while making payments.

Considering the number of times people make online payments, this can take a big burden off their lives. They will make your app primary for the majority of their payments.

Many of you will have a fintech website along with your app.
Considering the limitations of the platform, it can be difficult to port all functionalities from the website to the app.

This can lead to certain important features being website exclusive.
However, this is detrimental as your app users will have to close the app and open your website whenever required.

You must also consider that not everyone will have a desktop. They might have to use desktop mode on their phone, which can be of further inconvenience.

Put maximum effort into porting all features to the mobile app so that people do not have to waste time switching to the website.

Features like getting digital copies of account statements can be crucial for a fintech mobile app.

Allow filters so that the user can select only the information needed in the account statement. Once done, allow the user to export it in his desired format.

You can go even further by providing an account statement via email or messaging apps.

Saving money for the future is a daily struggle for the average man. The dilemma between instant gratitude and long-term planning can engulf you sometimes.
Offer your users the option to create a savings account. Guide them step-by-step throughout the process with your UI design.

Encourage them to add small amounts to their accounts daily and perhaps provide certain incentives as well.

Keep reminding them frequently to put some money in their account.
You can also add goals to save a certain amount of money on a weekly or monthly basis, with some achievements if they complete them.

Or else, the user can set his own goals and you can guide him to achieve those goals.
As mentioned earlier, you have to do something better than your competitors.
Simply providing financial data and money transfers is not going to be enough.

People now want a fintech mobile app to be like a financial advisor who will set them on the right path.

If your users are making unnecessary expenditures on movies or fast foods, warn them about it. Share some advice on ways to save money.

Notify your users about the latest and most reliable investment options. Give them a roadmap towards financial independence.

If your app is able to improve the user’s financial health, then they will be grateful to you for life.

Almost everyone likes to play games.
There is a reason why games are addictive. The challenges and reward system keep you engaged.

Now imagine for a moment if people are addicted to your app.
Think about the conversions it could generate.

With innovative UX/UI design technologies, it is possible to incorporate the challenges and reward system into a fintech mobile app as well.

This will give your users a reason to keep checking your app other than just glancing over finance details

When you think about it, most video games do not provide hard cash, but rather virtual uncashable points.

Yet, these intangible points keep gamers grinding forever.
Add points, achievements, or trophies to your fintech mobile app that users can earn by completing tasks.

The task could be as simple as logging in daily for a week or using the app for an hour.
For more dedicated users, you can go further by offering cashback or discounts according to your budget.

Humans are born to compete. From the playground to school and careers, we always compare ourselves with others.

The level system makes the best use of this tendency by assigning levels depending on the points collected by the gamer.

The gamer can then compete with others to reach the highest level and show it off to friends.

Break down your users’ goals with the level system.
If a user wants to save $1,000 in a year, break it down by setting smaller monthly milestones.

When the user achieves a target, give some points and assign a level.
With each milestone achieved, progressively increase the user’s level.

While doing all of this, keep in mind that you are running a fintech mobile app and not an actual game. Overdoing things can be counterproductive to your UX design.

Viruses are a big concern for our planet as well as fintech mobile apps. Also, let’s not forget about the horde of hackers waiting out there to rip apart your app whenever they get the chance.

Not updating your app is like opening your door to burglars and inviting them for dinner.

Every hacker needs time to crack an app’s code. Once he figures it out, he can easily access the app.

By updating the app and making security changes, the hacker has to go through the entire process again as the app has changed.

In simple words, this is similar to changing passwords. Once the thief finally cracks your password, you change it, making the thief figure it out again.

This is why you must provide at least monthly updates to your apps and notify users about them.

You can also go to the extreme of disabling the app for those users who have not yet updated it.

So, if some hacker has cracked the code of an older version of your app, it is of no use as that version is disabled.

Also, if people see that an app has not been updated for months, or even years, it gives the impression that the company is inactive. This discourages some people from downloading the app.

Do not make this mistake and provide at least monthly updates to your users

Research and innovation are taking place faster than ever, and you must do your best to keep up or go even faster.

Be in touch with the latest technologies and always look for what you can implement in your fintech mobile app.

One innovative feature is enough to multiply your conversions and skyrocket you to success.

Nowadays, the latest smartphones are built with 120Hz displays.
Are the animations in your app updated to match that?
Is your app loading fast and working smoothly on the latest smartphones and operating systems?

Does your app support voice commands?
All of these things will propel you ahead of the curve.

Although some are not deal breakers, it is still important to leave no page unturned.
Check out the latest trends in UI design.

How are your competitors making their apps aesthetically pleasing and what can you implement from that?

Hiring a research and development team is a must in today’s time to set itself apart from the competition by finding the best ways to increase conversions.

To get maximum conversions on a fintech mobile app, you need to provide a groundbreaking UX design. Considering the delicacy of the business, even the slightest mistakes can lead to bigger problems.

Most startups take the easy way out by implementing a basic UI design to cut down on the budget. But this ends up being counterproductive as there are fewer leads generated and conversions.

We at WDI understand that most startups are not willing to spend a lot of money unless they are shown guaranteed results.

Our team of highly proficient mobile app developers has won multiple awards for the best mobile apps developed.

We will do all the drudgery for you to create a spectacular fintech mobile app with the latest features, an eye-catching UI design, and a deeply satisfying user experience.

If you already have an app and want to take it to the next level, our UX design team will revamp your app with the most cutting-edge technology.

Share your idea with us and we will get to work right away